Prime Property Investors and Trammell Crow Residential Profit from Perfect Storm

By Jeffrey Steele, Contributing Writer

Northbrook, Ill.—Construction on Alexan Auburn Lakes, a new 346-unit luxury apartment community in Houston, has been completed. Two fully decorated model homes are now open. The announcement was made by Northbrook, Ill.-based Prime Property Investors (PPI), the community’s co-developer.

Alexan Auburn Lakes includes 256 one-bedroom, one-bath apartments and 90 two-bedroom, two-bath residences. A total of 47 attached garages with electric car-charging stations and 457 surface parking spaces are available to residents.

PPI partnered with Dallas-based Trammell Crow Residential (TCR) to develop the 12.5-acre gated community on the edge of the Houston shopping, dining and entertainment district known as The Woodlands.

The community is also in close proximity to a number of large job centers, including the 385-acre ExxonMobil corporate campus opening later this year and delivering more than 10,000 jobs to the vicinity.

“The Woodlands submarket in Houston is exploding in terms of job and population growth,” Barbara J. Gaffen, co-CEO of PPI, told MHN. “We hit the perfect storm of low interest rates for construction financing and affordable land costs. We also brought the total construction costs in at $600,000 below.”

The two furnished models feature a one-bedroom and a two-bedroom floor plan. Each showcases Alexan Auburn Lakes’ upscale features. They include 9-foot ceilings; wood vinyl flooring in kitchen, living and dining areas; and modern kitchens equipped with granite countertops, 42-inch hardwood cabinetry, stone- or glass-tiled backsplashes, under-mount sinks and stainless steel appliances with double-door refrigerators.

Additional amenities include the community’s expansive clubhouse, offering a fully equipped business center with Apples and PCs, demonstration kitchen and billiard room. The fitness center offers a full health club experience complete with yoga and spin rooms and on-site personal trainers. Dog lovers will be drawn to the on-site pet spa featuring a grooming station and Bark Park.

Among the most popular features of the community is the private lake. “The lake’s natural setting has been a big draw for prospective renters,” Gaffen said.

All in all, Gaffen believes the arrival of Alexan Auburn Lakes will make the Houston apartment market more enticing for renters seeking upscale living.

“We are setting a new standard in terms of our luxury resort-style living finishes and amenities,” she said. “Our property rivals a Four Seasons Hotel experience and we have raised the bar for all Houston developers.”